At the end of 2004 John was thinking about investing in stocks of CIR Inc. Cir had earnings per share of $5 as of 31 December 2004, but paid no dividends. Earnings were expected to grow at 10% per year for the following five years. Starting from January 1, 2010 earnings will grow at 6% per year for 6 years, and CIR will start paying dividends for the first time, distributing 50% of its earnings to shareholders ( the first dividend will be paid at the end of 2010. After that, earnings growth will slow down to 3% per year forever, and CIR will pay out 80% of its earnings in dividends. How much was john will to pay for a share of CIR inc if the discount rate (EAR) was 12%?